HTTNYSEFinance ServicesFiscal year ends December 31
High Templar Tech Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 10, 2026
$2.05−0.03 (-1.44%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
7.1%−69.5 pts over 5 years
Operating margin
-972.6%−996.0 pts over 5 years
Net margin
1729.9%+1703.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -81.1% | -58.6% | -59.3% | -16.0% | |
| Gross profit | -81.1% | -75.3% | -74.7% | -28.8% | |
| Net income | +672.5% | – | -5.9% | – | |
| Free cash flow | – | – | -24.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -11.5% | 8.0% | 6.2% | |
| Return on assets | – | 6.0% | 5.4% | |
| Current ratio | 1.53 | 24.74 | 5.75 | |
| Debt to equity | -1.24 | – | – | |
| Net debt to EBITDA | 4.86× | – | – | |
| Inventory turnover | – | 17.1× | – | |
| Capex to revenue | 0.3% | 6.0% | 284.7% |
Where the cash went
Fiscal 2021 to 2025, five years combined
High Templar Tech generated CN¥2.33B from operations and spent CN¥3.15B on capital expenditure, dividends and share buybacks. 56% of that went back into the business.
Generated
CN¥2.33B
Used
CN¥3.15B
Capital expenditureCN¥1.75B56%DividendsCN¥00%Share buybacksCN¥1.40B44%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1729.9%
×Asset turnover0.00×
×Equity multiplier1.14×
=Return on equity, FY20256.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1729.9% | 0.00× | 1.14× | 6.2% |
| FY2024 | 42.4% | 0.02× | 1.09× | 0.8% |
| FY2023 | 31.0% | 0.01× | 1.06× | 0.3% |
| FY2022 | -62.7% | 0.04× | 1.09× | -2.9% |
| FY2021 | 35.6% | 0.12× | 1.13× | 4.8% |
| FY2020 | 26.0% | 0.23× | 1.33× | 8.0% |
| FY2019 | 36.9% | 0.51× | 1.52× | 28.7% |
| FY2018 | 32.4% | 0.43× | 1.75× | 24.5% |
| FY2017 | 45.3% | 0.36× | 4.34× | 70.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥708.63M
- Cash generatingOperating cash flow above zeroCN¥687.06M
- Return on assets improvedROA up on the prior year0.7% → 5.7%
- Earnings backed by cashOperating cash flow above net incomeCN¥687.06M vs CN¥708.63M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose9.02 → 5.75
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year7.12% → 7.13%
- More efficientAsset turnover rose0.02 → 0.00